First Business Bank’s accounts receivable financing group closed a $15 million ledgered line transaction consisting of a $4 million sub-limit against “unbilled A/R” and a $2 million short-term over-advance sub-limit to a provider of international freight forwarding services.
“We worked hard to understand the business, the collateral, and the ownership and management team,” Bill Elliott, president of accounts receivable financing at First Business Specialty Finance, a subsidiary of First Business Bank, said. “As a result, we have been able to structure a facility that addresses the company’s cash needs. Our ability to properly analyze future cash flow performance and collateral levels has allowed us to feel comfortable with the $2 million over-advance facility.”